The City of Cambridge is offering the New Lease Rent Relief Grant aimed at supporting new and expanding small businesses that contribute to the revitalization of commercial districts affected by the COVID-19 pandemic. This grant is specifically designed for for-profit businesses located in Cambridge, Massachusetts, and is funded through the American Rescue Plan Act. The grant provides financial assistance to help offset the first year of commercial rent costs, with awards ranging from $10,000 to $25,000.
The primary purpose of the New Lease Rent Relief Grant is to assist new, non-franchise local businesses that have recently signed a lease for commercial space in Cambridge. The program seeks to foster economic recovery and growth in the area by providing financial support to businesses that meet specific eligibility criteria. The grant is intended to alleviate some of the financial burdens associated with starting or expanding a business in a challenging economic environment.
Eligible applicants must be new, non-franchise for-profit businesses with a ground floor location in Cambridge that have executed a new lease for commercial space. The business must comply with all relevant federal, state, and local laws, including zoning and licensing regulations. Additionally, applicants must have previously received grants from the City and used them in accordance with the requirements. The grant is open to retail enterprises, including restaurants and personal services, but excludes professional services.
To qualify for the grant, businesses must meet several criteria. They must be located in Cambridge, have 50 or fewer full-time employees, and have signed a multi-year lease on a commercial property in Cambridge on or after January 1, 2023. The business must also be currently operational and able to provide a fully executed lease and rent receipts for the six months preceding the application.
The application process for the New Lease Rent Relief Grant includes specific submission requirements. Interested businesses should prepare to provide documentation that demonstrates their eligibility, including proof of lease and compliance with previous grant requirements. The grant will be awarded in two rounds, with the first round taking place in March and April 2024, and the second round in September and October 2024.
Evaluation criteria for the grant will focus on the applicant's compliance with eligibility requirements, the potential impact of the business on the local economy, and the overall viability of the business plan. Important dates to note include the application deadlines for each round, with the next deadline set for October 28, 2024. For further information, applicants can contact the City of Cambridge's small business grants office via email or phone.
